Financial life cycle

The stage of your life when you can finance others e.g. your family.

• Dependence

• Independence

• Developing

• Pre-retirement

• Retirement

Sets out your needs and wants at each stage of life and matches them with

sources of finance.

• budget

• Personal financial life cycle plan

• income

• expenditure

The money the government pays to people who are unemployed and seeking

work.

• Loan

• allowance

• job seekers benefit

• pension

It is an income you receive when you retire.

Sources of finance during retirement include private pension, state pension, savings, and investments.

• True

• False

Needs and wants during the dependence stage include rent and electricity.

• Yes

• No

During the dependence stage, you are financially dependent on parents or guardians.

• True

• False

The Wilson family_______

• can make some savings every month

• are in debt and needs to cut spending

• their discretionary income is their biggest spend

• The family will have enough income even if Mary stops working

Be SMART when you set your financial goals. SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound.

• True

• False

A personal financial life cycle plan presents your needs and wants at each _S_______________ of your life

and matches them with sources of _f_________.